As of 2:45 p.m., shares of Madison Square Garden Inc., which includes the Knicks and the MSG Network, were up 1.21 percent to $20.51, but the bigger story was in the options pits.

There’s been twice as many contracts sold to people betting that MSG stock will rise to $22.50 by the end of the month as compared to people betting it will fall to $20 by July’s end.

“There’s absolutely no justification for this activity other than the LeBron James play,” said Jon Najarian, co-founder of Trade Monster and a CNBC contributor. “People will most likely continue to speculate into tomorrow’s announcement.”

Meanwhile, at InTrade, the odds that LeBron stays a Cavalier has plummeted back to 50%. Is anyone trading shares of MSG and the Intrade contracts together as some kind of pair trade?